Israel's Monday.com raises $50 million, brings total to $84 million

TEL AVIV (Reuters) - Israeli team management software provider Monday.com said on Wednesday it raised $50 million in a new funding round, bringing the total raised so far to $84 million.

New York-based growth equity firm Stripes Group led the round with participation from existing investors, including Insight Venture Partners and Entree Capital.

In addition, the company secured a strategic line of credit of tens of millions of dollars from LeumiTech, the technology arm of Israel’s Bank Leumi.

Launched in 2014 with offices in Tel Aviv and New York, Monday.com is a platform that connects people to workplace processes, manages workloads and tracks projects. Paying customers include Carlsberg Group, Discovery Channel and McDonald’s.

In the last year, the company tripled revenue to tens of millions of dollars, tripled its customer base to more than 35,000, and more than doubled headcount to 130.